Argentina's Merval Edges Up as Stocks End Week Mixed
02/22/2013| 05:47pm US/Eastern
By Taos Turner
BUENOS AIRES--Argentina's benchmark stock index rose slightly Friday as stocks closed almost evenly split between gains and losses while bonds were also mixed.
The Merval stock index rose 0.51% to 3,140.38 in volume totaling ARS51 million ($10.1 million).
Steel producer Tenaris SA (TEN.MI, TS) led the gains, rising 3.9% to ARS161.45. It was easily the most-traded stock. State-run oil company YPF SA (YPFD.BA, YPF), which fell 2.2% to ARS115.95, was another heavily traded stock.
The AA17 2017 bond rose 0.63% to ARS637.50. The TVPA GDP Warrant, a security whose performance is tied to economic growth, fell 0.11% to ARS43.80.
Argentina's black-market peso strengthened a tad to ARS7.8 to the dollar, according to financial daily El Cronista.
Argentina strictly rations the sale of dollars and other currencies, forcing many people into the black market if they really need other currencies for travel or to save.
The official exchange rate closed at ARS5.0300 on the MAE wholesale currency market, compared with ARS5.0295 in the previous session.
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